GST is till date the biggest tax reform known that brought a uniform taxation system with many positive implications for the industries and trade. Ever since GST regulations came in the scene, many businesses, manufacturers, and traders are in confusion regarding the calculations of new taxes. They are facing several transitional issues in acknowledging such an improved and encompassing tax system even though it is far better than the earlier fragmented dicey tax physique. However, ERP is supplying them with the facility to comply with GST and embrace the changes wholeheartedly. ERP of renowned platforms like Oracle, SAP, Odoo is helping companies to administer and adopt GST system, including taxes computation, configuration, liability accounting, master data amendments, reporting, given this forth.
Read on below to know how ERP systems unveil a complete solution for businesses and services firms to comply with GST rules and undergo tax calculations.
Chart of Accounts
Businesses earlier used to eat a separate accounting code for computing VAT (Value Added Taxes) and ST (Services tax) in all goods and services transactions respectively. But, now those codes get combined with GST Portal Login Online India in the ERP’s tax module. At the new regulations, the tax module of ERP carries forward the closing balance of the tax credit from present-day to the account computer codes.
Audit
ERP’s tax module assistance firms to calculate their tax returns on the sales and purchases data. It then audits first decompose . before filing the GST returns. This saves up enormous time for the company’s accountants and assists them immensely once the daily transactions of goods or services are immense.
Error-free Taxation statements filing
Besides supporting all varieties of GST transactions, ERP’s tax engine help easy identification and correction of all errors for the painless filing of taxes. Further, it helps companies in exporting of tax returns statement to MS Excel system to upload or later give away to their Chartered Accountant, or tax expert.
Data Archiving & Protection
Businesses can save, archive and safekeep their tax data as a number of years at one submit an organised way. So, they can later hop on any time if requested. Being able in order to access from a cloud source point, tax accountants can work real-time while not having any manual data.
GST billing
ERP is providing the facility to master all the owner of GST regulations in an individual GST unit. It enables the lenders or taxpayers to agree to GST while issuing invoices for operations. It configures the format for GST compliant invoices specialists the business, auto-calculates the GST returns from every sale or purchase invoice and reconciles them.
All said and done, getting an ERP system GST ready is challenging job for your companies. Their existing system needs major revamping so they must know which of this modules will affect and which will correlate to new tax rules.
While smooth transitioning the GST compliant ERP to get a costly affair, individuals SMEs, several ERP companies are launching reasonably priced GST-enabled ERP software to help relieve their process of GST return filing. With it, instead of filing all the returns manually, they decide to just invest all sales and purchase invoices details and the GST returns gets computed automatically.